The global banking & payments industry experienced a 57% decline in the number of internet of things-related patent applications in Q1 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 62% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Internet of Things (IoT) in Banking – Thematic Research market report provides a detailed understanding on how Internet of Things impacts the value chain in the Banking & Payments sector, and the leading Internet of Things adopters and vendors in the market. Buy the report here.
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Notably, the number of internet of things-related patent applications in the banking & payments industry was 19 in Q1 2023, versus 44 in the prior quarter.
The top five companies accounted for 26% of patenting activity
Analysis of patenting activity by companies shows that JPMorgan Chase & Co filed the most internet of things patents within the banking & payments industry in Q1 2023. The company filed 1 internet of things-related patent in the quarter. It was followed by Hyundai Motor with 1 internet of things patent filing, CITIC Group (1 filing), and China Investment (1 filing) in Q1 2023.
Patenting activity was driven by China with a 26% share of total patent filings
The largest share of internet of things related patent filings in the banking & payments industry in Q1 2023 was in China with 26%, followed by Australia (16%) and the US (11%). The share represented by China was 17% higher than the 9% share it accounted for in Q4 2022.
To further understand GlobalData's analysis on Internet of Things (IoT) in Banking - Thematic Research buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
